Key Developments: HSBC Holdings PLC (HBC)
56.26USD
23 May 2013
$-1.00 (-1.75%)
$57.26
$56.11
$56.47
$55.65
1,425,927
1,458,322
$58.71
$38.56
Latest Key Developments (Source: Significant Developments)
HSBC Holdings PLC Declares First Interim Dividend For 2013 On Ordinary Shares
The Directors of HSBC Holdings plc announced that they have declared a First interim dividend of USD0.10 per ordinary share. The dividend will be payable on July 11, 2013 to holders of record on May 23, 2013 on the Hong Kong Overseas Branch Register and May 24, 2013 on the Principal Register in the United Kingdom or the Bermuda Overseas Branch Register. Full Article
HSBC Holdings PLC's Indirect Wholly Owned Subsidiary To Sell Shareholding In Hana HSBC Life Insurance Company Limited To Hana Financial Group Inc
HSBC Insurance (Asia-Pacific) Holdings Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc (HSBC) announced that it has agreed to sell its 50% less one share in Hana HSBC Life Insurance Company Limited (Hana HSBC Life) to Hana Financial Group Inc. The transaction, which is expected to complete as early as May 10, 2013. Financial terms of the transaction were not disclosed. Full Article
HSBC Holdings PLC's Indirect Wholly Owned Subsidiary Enters Into Agreement To Dispose Of Its General Insurance Business To QBE Insurance (International) Limited; Enters Into Non Exclusive Agreement
HSBC Insurance (Asia) Limited, an indirect wholly owned subsidiary of HSBC Holdings PLC announced that it has entered into an agreement to dispose of its general insurance business in Macau to QBE Insurance (International) Limited (QBE). The Hongkong and Shanghai Banking Corporation Limited ('the Bank'), an indirect wholly owned subsidiary of HSBC Holdings plc, has also entered into a non-exclusive agreement with QBE to distribute their general insurance products to the Bank's customers in Macau. Under the agreement, QBE will pay commissions to the Bank on product sales. The disposal of the Macau general insurance business is expected to complete in the first half of 2013. Full Article
Manulife Financial Corp, HDFC Life Said To Bid For HSBC Holdings PLC's India Insurance Arm-Reuters
Reuters reported that Manulife Financial Corp and the Indian affiliate of Standard Life plc are among the suitors to place first-round bids for HSBC Holdings PLC's Indian life insurance business, a stake valued at about $200 million. HSBC is selling its 26% stake in a life insurance joint venture (JV) with two Indian state-run banks, as it sheds noncore businesses globally. The winner of the auction will get immediate access to about 5,500 branches of the two state-run banks. Bancassurance is emerging as a key tool to sell insurance products across Asia as the life insurance industry matures in the region. HDFC Life, a joint venture between India's top mortgage lender Housing Development Finance Corporation Ltd (HDFC) and Standard Life Plc; Birla Sun Life, a venture between Indian conglomerate Aditya Birla Group and Canada's Sun Life; and ICICI Prudential Life, a JV between ICICI Bank Ltd and Prudential PLC, are among the bidders to submit first round bids last week. HSBC's two Indian partners in the venture, Canara Bank Ltd and Oriental Bank Of Commerce Ltd could also pare their stakes, although no final decision has been made on this. That could push the deal value to $800 million, including a bank distribution agreement, they added. Full Article
HSBC Holdings PLC's Subsidiary Disposes Of Quantitative Techniques Operations To Euromoney
HSBC Holdings PLC's wholly owned subsidiary HSBC Bank plc has entered into an agreement to dispose of its market indices and data cleansing provider, Quantitative Techniques (QT), to Euromoney Trading Limited. The gross assets being disposed of were recorded at zero in HSBC's accounts as at December 31, 2012. Under the terms of the Transaction, HSBC has committed to retain the services of QT for a period of three years from the completion date. The Transaction is expected to complete by the end of 2013. Full Article
HSBC Holdings PLC's Indirect Wholly Owned Subsidiary Announces Sale Of Life Insurance And Group Medical Insurance Portfolios In Singapore To Axa Life Insurance Singapore Private Limited
HSBC Insurance (Singapore) Pte. Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its group term life insurance and group medical insurance portfolios in Singapore to AXA Life Insurance Singapore Private Limited (AXA Singapore). The gross asset value of these portfolios was approximately SGD23.5 million (approximately USD19.3 million) at December 31, 2012. The Hongkong and Shanghai Banking Corporation Limited (the Bank), an indirect wholly-owned subsidiary of HSBC Holdings plc, has extended its existing exclusive 10-year bancassurance agreement with AXA Asia SAS and AXA General Insurance Hong Kong Limited, which relates to general insurance products, to include the distribution of group term life and group medical insurance products to the Bank's customers in Singapore. AXA Singapore and AXA Insurance Singapore Pte Limited will pay commissions on product sales to the Bank. The transaction is subject to regulatory approval and is expected to complete within this year. Full Article
Enstar Group Ltd Completes Acquisition Of U.S. and Canadian Closed-Life Insurance Operations From HSBC Holdings plc
Enstar Group Ltd announced that one of Enstar's wholly-owned subsidiaries completed the previously announced acquisition from Household Insurance Group Holding Company of HSBC Insurance Company of Delaware and Household Life Insurance Company of Delaware, as well as its three subsidiary insurers, on March 31, 2013. Household Insurance Group Holding Company is a subsidiary of HSBC Holdings plc. The HSBC companies acquired added approximately $1.4 billion in total cash and investments to Enstar's balance sheet. As previously disclosed, the base purchase price of $181 million was rolled forward under the terms of the stock purchase agreement based upon changes to the capital and surplus of the acquired entities arising from the operation of the business prior to closing. The amount paid at closing was approximately $155.7 million and was financed in part by a drawing under Enstar's revolving credit facility. Full Article
HSBC Holdings PLC And Other Banks Score Win In Private Libor Suits-Reuters
Reuters reported that A group of banks won a victory when a U.S. judge dismissed a substantial portion of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The banks include Bank of America Corp, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, Royal Bank of Canada, Royal Bank of Scotland and WestLB AG. They had been accused by a diverse body of private plaintiffs, ranging from bondholders to the city of Baltimore, of conspiring to manipulate the London Interbank Offered Rate (Libor). Full Article
HSBC Holdings PLC To Sell Credit Card Portfolio To Toronto-Dominion Bank's Subsidiary -Reuters
Reuters reported that HSBC Holdings PLC said it would sell its private label credit card portfolio to a wholly owned subsidiary of Toronto-Dominion Bank as it accelerates the wind-down of its consumer finance business. The portfolio was worth about CAD495 million ($485.70 million) as of February 28, 2013 HSBC Canada said in a statement, without disclosing the sale price. The sale of HSBC Retail Services Ltd to TD Financing Services Inc is expected to be completed in the third quarter of 2013. Full Article
HSBC Holdings PLC Considers Switching Auditors-Reuters
Reuters reported that HSBC Holdings PLC has started searching for a replacement for its auditor, KPMG. A new audit firm, if appointed, will begin its work in 2015, HSBC said in its annual report. Full Article
HSBC says Robertson to head remuneration committee
LONDON, May 23 - HSBC Holdings named Simon Robertson, a former Goldman Sachs banker and chairman of Rolls-Royce, as the new chairman of its remuneration committee to replace John Thornton.
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